Chinese auto sales sink 7.7% in August

Business

BEIJING (AP) — Chinese auto sales sank 7.7% in August from a year earlier extending a painful slump in the industry’s biggest global market, an industry group reported Wednesday.

Sales of sedans, SUVs and minivans declined to 1.6 million, according to the Chinese Association of Automobile Manufacturers. Total vehicle sales, including trucks and buses, shrank 6.9% to 1.9 million.

Chinese consumer demand has been hurt by unease about an economic slowdown and a trade war with Washington.

The industry has recorded monthly sales declines since June 2018, squeezing automakers that are spending heavily to meet government targets to develop electric cars.

Sales of electric and hybrid vehicles fell 15.8% from a year ago to 85,000.

The market segment has struggled as the government phases out subsidies that helped to make China the biggest market for electrics. Beijing is using sales quotas to shift the financial burden of promoting electrics to automakers. That raises the cost to buyers.

Sales by Chinese brands fell 10.2% in August from a year earlier to 614,000. They lost 1.1 percentage points of market share to 37.2%.

Auto sales for the eight months through August were off 12.3% from a year earlier at 13.3 million.

Minivan sales declined 22.9% through August. SUV sales were off 10% and sedans down 12.6%.

___

CAAM: http://www.caam.org.cn/

Auto sales data: http://www.auto-stats.org.cn/xxkd.asp

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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